Oman's Islamic finance sector is on track to surpass $40 billion between late 2025 and 2026, according to a report by Fitch Ratings. This projection reflects strong demand for Shariah-compliant products and the government's continued efforts to introduce regulatory reforms that support the industry's rapid growth.

Although Oman has the smallest Islamic finance market in the Gulf Cooperation Council (GCC), it continues to record impressive double-digit growth in both Islamic banking and sukuk issuance. By August 2025, the industry's total assets were estimated at $36 billion, with Islamic banking accounting for nearly two-thirds of the figure.

Growth in Oman mirrors wider regional trends. The United Arab Emirates saw Islamic finance assets cross $285 billion by early 2025, while Saudi Arabia is forecast to issue $10–12 billion in sukuk this year. Across the ASEAN region, assets are expected to exceed $1 trillion by 2026, underlining global momentum in Shariah-compliant finance.

Fitch highlighted that Oman's growth will be driven by reforms, innovative product offerings, expanding branch and digital networks, greater public awareness, and the growing role of sukuk as a funding instrument. Sukuk already accounts for 30% of Oman's Islamic finance assets, with outstanding issuance valued at $7.25 billion by mid-2025.

The Central Bank of Oman is also supporting expansion with initiatives such as a digital bank framework, a new banking law with Islamic provisions, Shariah-compliant liquidity management tools, and draft rules for Islamic leasing operations. These measures are expected to boost investor confidence and market participation.

Beyond banking, Oman's takaful sector captured an 18% market share of direct premiums by the end of 2024, while Islamic funds managed $400 million in assets by August 2025. Although still relatively small, both segments are forecast to expand steadily in the medium term.

Looking ahead, Fitch noted that Oman's industry benefits from favorable business conditions under Vision 2040 and supportive oil revenues. While a proposed 5% income tax from 2028 may create minor headwinds, Islamic banks remain well positioned for long-term growth.

Source:

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